Oil and gas companies need specific technology to meet their business needs. Unlike your mom and pop shop down the road, they are typically working in multiple locations and dealing with multiple stakeholders. These situations present unique needs when it comes to accounting, visibility and data. The answer to eliminating these pain points for oil and gas companies is by implementing an Energy ERP specific solution that is made to handle these unique situations. Below, we’ve highlighted the 4 major challenges facing oil and gas companies and how Energy ERP can help.
Most often if an oil and gas company has multiple locations, one location can be founded in developing countries with high risk economies. In turn, that creates high risk for the company. A strong and powerful accounting system is needed that can carry data over across locations, giving full visibility. Energy ERP can give that visibility to ensure expense management, spend control and all reports for the local governments are created.
Energy ERP can handle the data that will be entered from multiple locations, instead of having to store the information in many different outlets. Further, reports needed for stakeholders, local governments and taxes can all be produced from the system. These can be automated instead of manually entering into a spreadsheet and risking costly errors.
Another major pain point for oil and gas companies is dealing with currencies in multiple countries, which can cause reporting frustrations. No matter where your stock is listed, where you are funded, where your employees are being paid or where your headquarters are located, Energy ERP can ensure that currencies are calculated correctly, including exchange rates. In fact, multiple fixed currencies can be stored within the same ledger.
The last thing you want to face as an oil and gas company is growing pains. Growth should be a time of excitement and celebration, but if you or your business solution can’t handle the growth then it is only a frustration. Energy ERP is scalable, so no matter if you’ve added more locations or more wells, the solution will be able to handle the additions without work arounds.
Energy ERP has been made specifically to handle the needs of an oil and gas company. Where other business solutions can fall short of being able to handle multiple locations or multiple currencies, Energy ERP excels. Eliminating these common issues is easy, so you can focus on more important aspects of your oil and gas company.